Support The Moscow Times!

Italy's UniCredit Says Can Cope With Russia 'Storm'

Net profit at UniCredit, Italy's biggest bank by assets, rose 12 percent in the second quarter thanks to a marked improvement in its home market and a solid contribution from Eastern Europe.

The bank said Italy had contributed about 600 million euros ($800 million) to its earnings for the quarter, and Central and Eastern Europe about 400 million euros.

UniCredit, the market leader in Central and Eastern Europe, said sanctions against Russia would have only a "marginal" impact on its business there, which accounted for about 4 percent of total revenues in the quarter.

"The bank seems strong enough to go through this storm," UniCredit chief executive Federico Ghizzoni said when asked about tighter international sanctions against Moscow due to its support for rebels in eastern Ukraine.

"This is not to say that we are not looking at the situation with concern, but there is no systemic problem," he said, adding the bank estimated a hit of up to 10 to 15 million euros in lost revenues.

See also:

Alfa Bank Eyes Autumn Bond Floatation

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more